Business

Presidency spends N34bn on forex in two years due to frequent travels

Published

3 months ago

February 2, 2026

The Presidency spent at least N34.39bn on foreign exchange purchases for international travel and related obligations over a two-year period, findings by The PUNCH have shown.

The figure is according to data compiled from GovSpend, a government spending tracker managed by BudgIT.

The records, which cover transactions by the State House, Presidential Air Fleet, the Office of the Chief of Staff, and operations linked to the President, Vice President, First Lady, and their aides, show a sharp swing in spending patterns between 2024 and 2025.

An analysis of the data shows that 2024 accounted for the bulk of the expenditure, with total forex purchases of N29.35bn, while 2025 recorded N5.04bn.

This represents a year-on-year decline of 82.8 per cent, aligning with broader trends in the foreign exchange market where the naira stabilised following policy reforms and improved dollar inflows.

The transactions largely relate to the purchase of foreign currencies for official trips, aviation operations, estacodes, training programmes, and logistics for international engagements involving top executive officials.

While the Presidency has maintained that such trips are necessary for diplomacy, investment promotion and bilateral relations, the scale and timing of the spending have continued to draw public scrutiny amid Nigeria’s fiscal constraints and forex shortages.

In 2024, forex purchases were heavily concentrated in the first half of the year, coinciding with a period of heightened exchange rate volatility and sustained pressure on the naira.

One of the most prominent spenders during the year was the Presidential Air Fleet, which alone accounted for several multi-billion-naira transactions described as “presidential air fleet forex transit funds.”

The Presidential Air Fleet, managed by the Nigerian Air Force, is responsible for the air transport needs of the President, Vice President, and senior government officials.

Despite its strategic role, the cost of maintaining the fleet has long been a subject of public scrutiny and criticism, particularly amid Nigeria’s fiscal pressures and rising debt service obligations.

Between March and May 2024, the Presidential Air Fleet Naira Transit Account recorded repeated purchases of about N1.27bn each on March 7, March 9, April 6, May 11 and May 25, alongside larger tranches such as N5.08bn on April 23 and N2.43bn on May 8.

These aviation-related transactions show the high cost of maintaining and deploying the presidential fleet for overseas travel.

Additional transfers of N205m in July, N34m, N1.25bn, N2.21bn, N160.4m, N1.24bn and N902.9m in August further swelled the air fleet’s forex bill.

Smaller amounts followed later in the year, including payments in September and December, bringing the air fleet’s cumulative forex-linked transactions in 2024 into several billions of naira.

Beyond aviation, the State House Headquarters also recorded extensive forex purchases throughout 2024.

In February alone, the State House spent over N2.5bn on forex linked directly to specific presidential and vice-presidential trips.

These included N426.88m for the Vice President’s trip to Switzerland, N1.04bn for the President’s trip to Ethiopia, N750m for the President’s trip to Dubai, N176.77m for the Vice President’s trip to Côte d’Ivoire, N149.79m for the First Lady’s trip to France, and N86.76m for the Vice President’s trip to Liberia.

March 2024 saw further spending tied to foreign travel by the First Lady and Vice President. Transactions included N202.39m for the First Lady’s trip to Mozambique, N144.57m for her trip to Addis Ababa, and N126.30m for a trip to London.

The Vice President’s engagements also featured, with N201.12m spent on a trip to Côte d’Ivoire and N169.54m for estacodes linked to UK and US training programmes.

From July 2024, forex purchases by the State House intensified, with multiple same-day transactions on July 17 alone.

These included N149.05m, N358.53m, N243.32m, N739.07m, and N73.07m, all tagged as forex purchases.

Additional payments were made on July 23, August 6, October 11, and October 28, with notable amounts of N569.68m, N323.14m, N246.80m, and a significant N1.36bn on October 28.

By the final quarter of 2024, spending remained elevated. In November, the State House Operations – President recorded several purchases, including N22.19m, N18.34m, N169.10m and N185.23m on November 28. December added another N736.20m on December 1, reinforcing the pattern of sustained forex demand by the Presidency throughout the year.

Cumulatively, these transactions pushed total forex purchases linked to the Presidency in 2024 to N29.35bn, making it one of the most expensive years for official foreign travel and related forex spending in recent times.

In contrast, 2025 marked a significant pullback. Total forex purchases for the year stood at N5.04bn, a steep decline from the previous year.

The reduction was broad-based, cutting across the Presidency, Vice Presidency and supporting offices.

Transactions in 2025 were also generally smaller in size and more sporadic, suggesting a deliberate effort to rein in forex outflows.

Data from April 30, 2025, show multiple forex purchases by State House Operations – President and Vice President, but most were in the tens of millions rather than billions of naira.

Amounts such as N535.82m, N57.94m, N32.51m, N57.81m and N23.67m dominated the April transactions.

Even the larger figures recorded in mid-2025, including N1.29bn, N1.28bn and N626m linked to the Presidential Air Fleet, were fewer and spread over several months.

By the second half of 2025, forex purchases had tapered further. August transactions included N7.67m and N11.14m, while November and December recorded modest payments by the Office of the Chief of Staff and the Presidential Air Fleet.

The overall pattern points to tighter controls and possibly improved planning around official travel as the naira stabilised in 2025.

The PUNCH observed that the naira ended 2025 on a firmer note, closing at N1,429/$1 on December 31.

This was a 7.4 per cent appreciation from the N1,535/$1 recorded on the final trading day of 2024, according to official exchange rate data from the Central Bank of Nigeria.

The local currency concluded 2024 with significant depreciation, recording a 40.9 per cent loss against the dollar in the official market.

The 2025 performance marks the naira’s first annual gain since 2012, when it appreciated slightly to N157.29 from N158.99 in 2011.

The currency had depreciated every year since then, marking a major turnaround after 13 years of consistent declines.

A further breakdown of the GovSpend data also shows that aviation-related expenses remain a major driver of forex demand.

The Presidential Air Fleet consistently accounted for some of the largest transactions across both years, reflecting maintenance, fuel, leasing and operational costs that are typically dollar-denominated.

This has renewed debate over the size and cost structure of the fleet, especially at a time when many countries are reviewing the sustainability of maintaining large official aircraft inventories.

The State House and Office of the Chief of Staff accounted for smaller but still significant amounts, often linked directly to specific trips by the President, Vice President or First Lady. These include forex purchases for estacodes, accommodation, logistics and protocol obligations.

The Country Director of Accountability Lab Nigeria, Odeh Friday, earlier expressed concern about the impact of such spending on taxpayers and the need for greater transparency and accountability.

“This highlights the urgent need for a shift toward greater equality and accountability in the management of public finances,” Friday said.

He emphasised that it is critical to evaluate the outcomes of these significant expenditures, questioning whether they truly serve the interests of the Nigerian people. “Some of them are clearly wasteful expenditure,” he added.

Former Presidential Candidate of the Labour Party (LP) in the 2023 general elections, Peter Obi, has criticised President Bola Tinubu for spending much of January abroad.

Obi, in a post on his X handle on Sunday morning, noted that while leaders in other countries focus on domestic governance at the start of the year, Nigeria’s president has prioritised foreign engagements over pressing national issues.

Obi also questioned the necessity of Tinubu’s frequent foreign trips, noting that the President spent 23 days abroad in January across two trips, returning only briefly to Nigeria in between.

“While leaders in other nations prioritise domestic governance in January, Nigeria’s president prioritises international engagements over pressing national issues. This month, he spent 23 days abroad across two trips—beginning the year overseas and returning on the 17th, and departing less than 10 days on the 26th to Türkiye, where he remains as of January 31. What urgent matters continuously warrant his absence from the nation? When he does return, it often appears to be merely to welcome defectors into the APC before he jets off again.”

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Business

Oshiomhole seeks ban on MTN, DSTV, read why

Published

13 hours ago

May 6, 2026

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The senator representing Edo North, Adams Oshiomhole, on Tuesday called for the revocation of licences of South African companies operating in Nigeria, including MTN and MultiChoice, owners of DSTV, following renewed xenophobic attacks against Nigerians in South Africa.

The call came as the National Assembly condemned the latest wave of attacks, urging the Federal Government to take immediate diplomatic and protective measures to safeguard Nigerian citizens abroad.

Speaking during plenary, Oshiomhole said Nigeria must respond firmly, invoking the principle of reciprocity in international relations.

He said, “I don’t want this Senate to be shedding tears, to sympathise with those who have died. We didn’t come here to share tears.

“If you hit me, I’ll hit you. I think it is appropriate in diplomacy. It’s an economic struggle.”

The former Edo State governor proposed that Nigeria should nationalise MTN and withdraw its operating licence, arguing that the company repatriates significant revenue while Nigerians face hostility in South Africa.

“This Senate should adopt a position that MTN, a South African company that is cutting away millions of dollars from Nigeria every day, should have Nigeria nationalise it and withdraw its licence,” he said.

According to him, such action would not only serve as a deterrent but also create opportunities for indigenous firms, amid what he described as economic and social targeting of Nigerians abroad.

He extended the call to MultiChoice, urging the Federal Government to revoke DSTV’s licence over alleged exploitative practices.

“I call on the Federal Government to revoke DSTV, which is also a South African company that is cutting away millions of dollars,” he said.

Oshiomhole linked the recurring tensions to domestic political dynamics in South Africa, noting that anti-immigrant rhetoric had become a feature of its politics and was shaping public attitudes toward foreign nationals, including Nigerians.

“When we hit back, the president of South Africa will go on his knees to recognise that Nigerians cannot be intimidated,” he said.

The senator made the remarks while contributing to a motion sponsored by Osita Izunaso, which was read on the floor by Aniekan Bassey under Senate rules on matters of urgent public importance.

Titled “A call for urgent national diplomatic and humanitarian action to defend the dignity, safety and honour of Nigerian citizens,” the motion highlighted growing concerns over the safety of Nigerians in South Africa.

Also speaking, Senator Victor Umeh described the situation as alarming, warning that Nigerians were living in fear.

“It is worrisome. They are hiding for their lives. They can’t move freely. This is a situation where people are paying good with evil,” he said, referencing Nigeria’s historical support for the anti-apartheid struggle.

Umeh called on the African Union to intervene and impose sanctions, warning that Nigeria could no longer tolerate attacks on its citizens.

“The AU, of which South Africa is a member, should rise now and impose necessary sanctions,” he said, adding that “we cannot allow this to continue.”

Oshiomhole, however, doubled down on calls for economic retaliation, arguing that Nigeria must move beyond rhetoric.

“I don’t want this Senate to be shedding tears to sympathise with those who have died. We didn’t come here to shed tears. I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.

He further argued that Nigerians should take advantage of opportunities in the local economy, currently dominated by foreign firms.

Senator Abdul Ningi warned South Africans over recent attacks on Nigerians, threatening that the country would take the fight to their territory.

“If a crime has been committed under the South African law, they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that.

“If these things continue, we have alternatives, we have options, and therefore, these words should be sent across South Africa. We know where South Africans are, not only in Nigeria but all over Africa, and we can take this fight to their territory,” he said.

Speaking, the Senate President, Godswill Akpabio, decried the attack, adding that the National Assembly would send a joint team to meet with the South-African parliament on the matter.

“This is just not acceptable, this is barbaric, this is cruel, this is unheard of, this is strange behaviour, and we’re not seeing action from the government of South Africa. These are aspects that annoy me,” Akpabio said.

The development underscores mounting pressure on the Federal Government to adopt a tougher stance, as recurring xenophobic violence in South Africa continues to strain diplomatic relations and provoke calls for both economic countermeasures and stronger protections for Nigerians abroad.

Post Views: 40

Business

Naira gains, trades 1,365/$ at official FX market

Published

2 days ago

May 5, 2026

Newsbreak365_Admin

…NFEM rate — N1,365.2474/$

…Naira strengthens by at least N9

…Black market (Buying and selling rates) — N1,390 — N1,400

The Nigerian naira strengthened against the United States (US) dollar, trading at N1,365.2474 at the Central Bank of Nigeria (CBN) official foreign exchange window on Monday, 4th May, 2026.

According to the data shared on the official platform of the Central Bank of Nigeria (CBN), the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,365.2474 per dollar and closed at N1,367.5000 per dollar.

Tribune Online reports that the Nigerian currency traded at an NFEM rate of N1,374.9431 on 30th April 2026, which was the previous trading date. Comparing this with the trading rate on Monday, the naira strengthened by at least N9.

At the parallel market, the naira-to-dollar buying rate decreased by N3, while the selling rate increased by N2, compared with the previous trading rate on 30th April, 2026.

According to Aboki FX, the Naira-to-dollar exchange rate at the black market on Monday, 4th May, 2026, was N1,390 for the buying rate and N1,400 per dollar for the selling rate.

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Business

Experts promote rabbit value chain investment

Published

2 days ago

May 5, 2026

Newsbreak365_Admin

Experts in animal production have identified rabbit farming as a viable avenue for economic growth, job creation, and improved nutrition in Nigeria.

The experts made this known during a public lecture held at the Bauchi State College of Agriculture on Friday as part of activities marking Rabbit Appetite Day.

Speaking at the event, a registered animal scientist and lecturer at the Federal Polytechnic Damaturu, Sani Muazu, said there was a need to promote both the consumption and commercial production of rabbits across the country.

He described rabbit production as a largely untapped but promising sector capable of contributing significantly to Nigeria’s economy.

“Rabbit farming in Nigeria is still underdeveloped, with only about three to five per cent of the population engaged in the enterprise, mostly at small-scale family levels where farmers keep an average of two to seven breeding females. Despite this, the sector offers vast opportunities for expansion and commercialisation,” he said.

Muazu noted that rabbits are highly productive animals, with a gestation period of about 30 days and the capacity to produce up to 20 or more offspring annually.

He added that their low feeding and housing requirements make them suitable for students, smallholder farmers, and urban residents seeking alternative sources of income.

According to him, rabbit production extends beyond farming to other economic activities such as breeding, feed supply, veterinary services, processing, and marketing.

He also highlighted the nutritional value of rabbit meat, describing it as rich in protein, low in fat, and suitable for addressing protein deficiency in the country.

On environmental sustainability, Muazu said rabbits require less land and water and emit fewer greenhouse gases compared to larger livestock, making them suitable for climate-smart agriculture, particularly in semi-arid regions.

However, he identified low public awareness and high mortality rates among young rabbits as major challenges hindering the sector’s growth.

He urged students and youths to take advantage of opportunities in rabbit farming by starting small-scale ventures that could grow into profitable agribusinesses, while calling on government and private sector players to invest in the development of the rabbit value chain.

In his remarks, the Provost of the Bauchi State College of Agriculture, Dr Ahmed Isah, described the event as timely and impactful, noting that it would encourage students to embrace self-employment through agriculture.

“Such initiatives are critical in addressing unemployment. Graduates can become employers of labour through ventures like rabbit farming,” he said.

He also encouraged members of the public to engage in rabbit production, describing it as a profitable and easy-to-start enterprise with the potential to improve livelihoods and boost the nation’s economy.

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